Pound Sterling (GBP) is likely to trade in a range between 1.3120 and 1.3185. In the longer run, GBP is likely to edge higher within a range of 1.3065/1.3230, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBP/USD is likely to trade in a range
24-HOUR VIEW: "We expected GBP to 'trade in a range between 1.3130 and 1.3190' yesterday. However, the subsequent price movements did not turn out as expected. GBP fluctuated between 1.3116 and 1.3184 before closing at 1.3149 (-0.22%). We are not able to derive much from the price action, and we continue to expect GBP to trade in a range today, most likely between 1.3120 and 1.3185."
1-3 WEEKS VIEW: "Last Friday (07 Nov, spot at 1.3140), we highlighted that GBP 'could recover further but any advance is likely part of a higher range of 1.3050/1.3220'. Yesterday (11 Nov, spot at 1.3170), we stated that 'while we continue to hold the same view, we now expect a narrower range of 1.3065/1.3230'. There is no change in our view."
